Hong Kong Stock Move: COSCO SHIP ENGY (01138) Falls Over 2% Again as U.S. Weighs Easing "Shadow Fleet" Sanctions to Curb Soaring Freight Rates

Stock News10-16 15:08

After plunging more than 15% yesterday, COSCO SHIP ENGY (01138) fell over 2% again, down 2.56% as of press time to HK$17.87, with turnover of HK$411 million.

On the news front, it was reported earlier that a U.S. official said the Trump administration is considering lifting sanctions on some so-called "shadow fleet" vessels, allowing them to transport crude oil and petroleum products not subject to Washington's sanctions, in order to push down record-high global freight rates.

Daiwa believes the move is expected to weigh on shipping company share prices across the board. Although the proposal is a temporary exemption rather than a formal removal of sanctioned vessels from the list, it already signals a possible clear policy shift.

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